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DAX futures analysis 02/05/2017


DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1)

 

The consolidation on the DAX is throwing up mixed signals as the run of small bodied candles continues.

The momentum indicators are strongly configured but also reflect this consolidation now.

The near term breakout support at 12,411 is an increasingly important support for this consolidation now.

Trading on the hourly chart shows how the market has made very little progress in the past few sessions and with momentum indicators increasingly neutral the market is waiting for the next catalyst.

  • Resistance has once more come in this morning around 12,500 and the market dropped away.
  • A breach of support at the breakout of 12,411 would re-open a corrective move back towards the support band 12,668/12,298.

 


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.